The Battle to Control Religare
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Business News/Topic/    Religare Vs Burmans

THE BATTLE TO CONTROL RELIGARE

Hostile takeovers are rarely straightforward. But even the most drawn-out sagas rarely have the drama and type of allegations that we have seen from the ongoing tussle between the Burman family and Religare. The Burmans have a stake across industries: insurance, brokerages, and of course, FMCG. Religare's growth in the financial services sector — health insurance, to be specific — is enviable. It's little wonder that the Burmans would like to invest in and grow that business. But Religare's board, and its chairperson Dr. Rashmi Saluja, were left disappointed with the Burmans' initial offer. What ensued was a constant back-and-forth between the two vying parties. The Burmans have alleged that Saluja committed fraud after they initiated takeover proceedings, a matter that the markets regulator will have to investigate. Read Mint's coverage of the entire transaction, from a newsroom that has stayed on top of all the developments.
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